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 Tarrytown, NY - Cushman & Wakefield announced the completion of the sale of 100 and 120 White Plains Road in Tarrytown, NY. The buildings were sold by New York City-based SL Green to Juster Development of Tarrytown for $48 million.
120 White Plains Road, also known as the Christiana Building, is a six-story Class-A office building containing 205,000 square feet. 100 White Plains Road contains 6,000 square-feet on four stories. Both buildings are within easy access to Interstate 287, downtown White Plains, the Metro North Railroad, major hotels and local amenities.
Andrew Merin, vice chairman, David Bernhaut, executive vice president, Gary Gabriel, executive vice presidents, and Jose Cruz, executive director, of Cushman & Wakefield’s Capital Markets Group, together with Glenn Walsh and Tom O’Leary, senior directors in Cushman & Wakefield’s Westchester/Fairfield County region, represented the seller and procured the purchaser.
“The final results of the sale demonstrate the fact that strong pricing is still achievable for good quality, well-located assets,” said Mr. Merin. “In a real estate market where there is simply not an abundance of Class-A product available for purchase, the buyer seized the opportunity available.”
The Christiana Building, set on nine landscaped acres, is known for its distinctive architecture and high quality finishes. The property, which is nearly 100% occupied, has attracted superior Class-A office users since it was constructed in 1984. The exterior features a circular entry drive, fountain and stainless steel sculpture. The lobby contains high-end marble finishes throughout and office floors feature terraces with panoramic views of the Tappan Zee Bridge and Hudson River. The Christiana Building also contains a 5,000 square foot dining facility. Parking for the property is abundant and includes an enclosed parking garage.
100 White Plains Road, a colonial style mansion, presents a one-of-a kind leasing opportunity for a smaller corporate user. Originally constructed as a residential home in 1927, the building was renovated in the early 1990’s. The building has unique features including plaster walls, crown molding, bay windows and a dedicated surface parking lot.
"After many years of strong leasing activity at 100 and 120 White Plains Road, SL Green was able to realize a solid return in what has been a challenging market," said Mr. Cruz. “Juster Development is an exceptionally well-capitalized private investor and is distinguished by its credibility, strength and performance.”
“Lower Westchester County continues to be an attractive leasing market as evidenced by the interest we received in the sale offering,” said Mr. Walsh. “The Christiana Building has enjoyed significant leasing momentum which was a major appeal to potential investors.”
Cushman & Wakefield is the world's largest privately held commercial real estate services firm. Founded in 1917, it has 221 offices in 58 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.
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